The future of HMV is uncertain

Tue, 20 December 2011

HMV, the UK's largest entertainment chain of its kind, have announced half year losses of £36.4 million, reports NME

The retailer revealed that like-for-like sales had dropped 17.6% for the 26 weeks to October 29 compared to the same figures from 2011. The company have even revealed that they may be forced to a sell its live music division to help finances.

HMV chief executive Simon Fox said:

'This has been a challenging start to the year. However, we have taken decisive action to restructure the business and are now seeing the benefits of this, particularly in our Technology products business.'

He went on to add: '

'Like all consumer-facing companies we are facing tough trading conditions but we continue to push forwards through this period. We remain well prepared for the key trading days ahead.'

The retailer is now valued at £16.4 million and shares in the company have fallen 5.7 per cent to 3.65p.

HMV claim that their decision to focus on technology products was working, with like-for-like sales of products such as headphones, speaker docks and tablet computers up by 147 percent.

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